The Research On Military CEO,Investment Decision And Enterprise Performance

In the era of peace,the state streamlined its forces and placed veterans into state units.It also encouraged veterans to choose jobs and start businesses independently.A large number of veterans enter the enterprise and occupy important positions.In the society,a number of excellent veterans CEO emerged,and they led the company to glory.But is it a common phenomenon that CEO with better experience in managing enterprises?How do they manage enterprises and what impact they will bring to enterprises?This paper reviews the theory of top echelon,the theory of enterprise investment,the theory of enterprise performance evaluation system,the theory of social capital and the theory of enterprise scale economy,and summarizes the relevant literature at home and abroad,analyzes the relationship between military CEO,investment decision and enterprise performance,and puts forward the research hypothesis.On this basis,this paper selects 892 Sample Firms listed in A shares listed in China from 2011 to 2016,with a total of 5352 research samples.The impact of military CEO on investment decision,the impact of serviceman's CEO on enterprise performance and the impact of the investment decision of military CEO on enterprise performance are empirically studied by using the research ideas of the top echelon theory.This article first analyzes the formation of the CEO characteristics of military personnel,and concludes that military CEO generally has six major characteristics,such as high discipline,high loyalty,high caution,high aggression,social resources,low educational background and weak financial professional quality.After the reform and opening up,our country has been in a peaceful period and military CEO The high aggressiveness is weakened.Secondly,the relationship between the CEO characteristics of military personnel and the enterprise is investigated.The high discipline,high loyalty and Gao Jinshen sex of military CEO have an impact on the investment scale decision of the enterprise,and the decision-making mode of reducing the investment scale is taken.The military CEO has the good place for the enterprise performance,but the soldier CEO is low in academic degree and wealth.The problem of poor quality,such as poor quality,can not control the resources of comrades in war,but make the enterprise performance worse.Further analysis,the military CEO has low educational background,lack of knowledge reserve,poor financial professional quality,lack of financial analysis ability,reduction of investment scale decision making,and giving up some good investment opportunities,and further analysis which give negative governance on enterprise performance.Finally,the empirical results show that the enterprises located in the military CEO will reduce the investment scale;the performance of the military CEO enterprises is worse;the serviceman CEO has a negative governance effect on the enterprise performance by adopting the investment mode of reducing the investment scale.Based on the above research results,this paper gets the corresponding research inspiration.First,the basic professional knowledge literacy of the military CEO should be the key factor in the process of the Veterans' resettlement.After the retirement,the state and the enterprises must prepare for the employment of the veterans.Second,CEO should be fully aware of its strengths and weaknesses,and better play its leadership and social resources advantages.